Entrepreneurship is the willingness to take risks involved in starting and managing a business.
Innovation is a new idea or taking an idea that already exists and making it more efficient in order for it to work better.
REASONS WHY ENTERPRENEURIAL ORGANIZATIONS SEEK INNOVATION OPPORTUNITIES
There are a number of reasons why there is an extraordinary opportunity for innovation within the enterprise sector and they include;
For economic growth; innovation is the root to economic growth. Industries and products are maturing. Innovation in a business is creating and transforming knowledge into new products, processes and services that meet market needs. As such it creates new businesses and is the primary source of growth in businesses and industries.
For competitive advantage; businesses that use and act on their insights get into the competition, they become better than those that are calm by the security of strong
For business survival; for a business to survive a discontinuity it has to face the rather unpleasant reality that there may have to be basic changes in who they are, what they do, and how they do it. As dislocating as it may be they will have to go through a transformation for that business to survive.
For the progression of human well being; innovation creates new businesses hence new jobs. New jobs create personal income and thereby assisting in the well being of humans. New products provide employment and economic growth for those directly associated with them and for people employed in supporting industries. When innova